India Digest: Endurance Technologies, MTR Foods, Lateral Praxis in M&A news

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GIC-backed auto components maker Endurance Technologies Ltd has bought Grimeca Srl, an auto-parts manufacturer headquartered in Italy. In a separate development,  Bengaluru-headquartered MTR Foods is in talks to buy a controlling stake in Kerala-based spice company Eastern Condiments Pvt. Ltd. Meanwhile, Switzerland-based agri-food investment firm Pioneering Ventures acquired agri-tech company Lateral Praxis for an undisclosed amount.

Endurance Technologies acquires Italian auto-parts maker

GIC-backed auto components maker Endurance Technologies Ltd has bought Grimeca Srl, an auto-parts manufacturer headquartered in Italy, per a report by VC Circle.

This marks Endurance’s second acquisition in a span of two months. In April, it acquired a 99 per cent stake in Italy-based Adler SpA, which provides systems solutions for clutches and gears, among others.

The current acquisition has been routed through Endurance Adler SpA, a step-down subsidiary of Endurance Overseas Srl, the report added.

MTR Foods in talks to buy a stake in Eastern Condiments

MTR Foods, headquartered in Bengaluru, is in talks to buy a controlling stake in Kerala-based spice company Eastern Condiments Pvt. Ltd, per media reports.

MTR Foods, controlled by Norwegian conglomerate Orkla, makes packaged foods such as ready to eat meals, spices, snacks, and beverages, among others.

The deal size could be between Rs 1,800 crore and Rs 2,000 crore (about $237-$264 million), per a report by The Economic Times.

Established in 1989, Eastern Condiments is promoted by the Meeran family. It is known for manufacturing spices, pickles, and rice-based products, among others. US-based McCormick & Company owns 26 per cent stake in the company.

Pioneering Ventures buys Lateral Praxis

Switzerland-based agri-food investment firm Pioneering Ventures acquired Mumbai-headquartered agri-tech company Lateral Praxis for an undisclosed amount.

According to a statement issued by the former, the move is aimed at enhancing downstream reach of tech-enabled solutions for the food supply chain including information access, apps, data analytics and risk mitigation.

Founded in 1999, Lateral Praxis works closely with central and state governments, ministries and departments, along with farmer communities to build, configure and implement knowledge-based systems.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.